Subject to paragraph (2), Part 2 of Schedule 5 to the Finance Act 2022 comes into force on 1st January 2023 and has effect in relation to accounting periods of companies beginning on or after that date.

Paragraphs 2 and 3 of Part 2 of Schedule 5 to the Finance Act 2022 do not apply in relation to amounts of acquisition expenses adjusted under section 79 of the Finance Act 20122 which are referrable to an accounting period beginning before 1st January 2023.